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This page features fund launches that may be of interest to our clients plus updates to our view on funds that are in The Best™ Funds List.
What is The Best™ Funds List?
The Best™ Funds List features our favourite funds from across the sectors.
A talented fund manager can be key to the success of a fund. However, on average, fund managers change jobs every four years. This is why we track the manager, not the fund, and it’s why we let you know when fund managers move on and join a new fund.
2024
Removed - Fidelity Cash Fund
- Fund manager: Christopher Ellinger, Tim Foster
- Date: 08/09/2024
- Analyst: Inno Van Den Berg
We have removed the Fidelity Cash Fund from the Best™ Funds List.
Bestinvest is downgrading the Fidelity Cash fund from The Best Funds List as we have a strong preference for other funds in the money market peer group.
The fund does still benefit from the lengthy experience of Christopher Ellinger and Tim Foster, who adopt a clear and consistent philosophy when it comes to money market fund management.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Upgraded - NB Private Equity Partners
- Fund manager: NB Alternative Advisers
- Date: 01/09/2024
- Analyst: James Burns
We have upgraded the NB Private Equity Partners to the Best™ Funds List.
Its long-term performance has been good and due to the portfolio being co-investments we have fewer concerns about their balance sheet, compared to their peers.
The portfolio is relatively mature and the historic record of significant levels of realisations looks set to continue.
It also has an attractive fee structure, and we believe this qualifies it as a potential core proposition for those seeking private equity exposure.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - HICL Infrastructure
- Fund manager: InfraRed
- Date: 01/09/2024
- Analyst: Matthew Tucker
We have removed the HICL Infrastructure from the Best™ Funds List.
Bestinvest is downgrading the HICL Infrastructure fund from The Best Funds List due to our preferences for other core infrastructure companies that offer near-term dividend growth.
We also prefer other core-plus infrastructure funds that offer a greater return and are less reliant on declining bond yields.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
2023
Removed - AXA UK Mid Cap
- Fund manager: Chris St John
- Date: 28/11/2023
- Analyst: Harry O’Hare
We have removed the AXA UK Mid Cap from the Best™ Funds List.
Bestinvest is downgrading the AXA UK Mid Cap fund from The Best Funds List following concerns with its performance and the manager Chris St John’s stock picking ability.
We acknowledge that the macro backdrop has not been favourable for mid cap strategies, nevertheless the fund’s performance when compared to its peer group has raised concerns.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Findlay Park American
- Fund manager: Anthony Kingsley
- Date: 12/10/2023
- Analyst: Zahran Haque
We have removed the Findlay Park American from the Best Funds List.
We have downgraded Findlay Park American from The Best Funds List. Findlay Park has been a core name for many years and we continue to like the team and process at the group. However, the team’s performance has lagged the wider market over the last few years. While the strong performance of the technology and consumer giants has made the US a difficult market to beat, we would like some reassurance that performance could revive.
The group has implemented a new portfolio management structure, but it remains to be seen whether the changes will improve performance. The fund is starting to return to its original hunting grounds in mid caps after many years of roaming in the large cap arena. This may help improve investor returns, but this has traditionally been associated with higher cash weightings.
Another concern is fees. The fees compare unfavourably with other core US funds and Findlay Park is now an outlier. We do continue to see the Findlay Park American as a solid quality core holding – which could be useful for clients with more absolute return targets (like beating inflation). In our view, some potential alternatives could include Premier Miton US Opportunities (Core), Loomis Sayles US Growth Equity Leaders (Growth), and Federated Hermes US SMID Equity (Mid/Small Caps).
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Rathbone Ethical Bond Fund
- Fund manager: Bryn Jones and Stuart Chilvers
- Date: 31/08/2023
- Analyst: Chloe Hill
Rathbone Ethical Bond Fund has been removed from The Best™ Funds List.
Bestinvest is downgrading the Rathbone Ethical Bond Fund from the Best Funds List following concerns around credit risk and the fund’s short-dated position in a recessionary environment, which could bring more re-investment risk.
The fund aims to deliver a greater return than the IA Sterling Corporate Bond sector within the parameters of its ethical mandate. We continue to like the fund as one of a very few funds in the GBP Corporate sector that has a fully integrated ethical/sustainable overlay.
It’s a solid option for those that are willing to withstand higher volatility from their fixed income allocation and those who prioritise return-seeking (through income) over capital preservation. However, investors should note the credit, maturity, and duration profile.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below
Removed - Edinburgh Worldwide Investment Trust
- Fund manager: Douglas Brodie
- Date: 22/08/2023
- Analyst: James Richards
We have removed the Edinburgh Worldwide Investment Trust from the Best Funds List.
This is a best ideas strategy, looking for the most innovative companies of tomorrow. The team looks to identify them before the rest of the market, and before they complete the most formative stages of growth. However, while this is a sound philosophy, investing in small caps, some pre-profit and others with low profit numbers because of huge investment, can be high risk and performance has been extremely weak over the past 12 months.
As such, we’ve taken the decision to remove it from the buy list, believing the trust’s volatility makes it unsuitable as a core holding. While it has a highly experienced management team, with lead manager Douglas Brodie having overseen the fund since 2014, Baillie Gifford’s growth style has been significantly out of favour and it is unclear when performance will turn around.
That said, this downgrade should not detract from Brodie’s long-term track record, which is supported by a clear investment philosophy. He believes that large, mature companies often fail to innovate and are slow to react to change and it is the less mature, more entrepreneurial companies which shape an industry’s future path.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
New entry - JP Morgan Global Growth & Income investment trust
- Fund manager: Helge Skibeli, Tim Woodhouse, James Cook
- Date: 26/07/2023
- Analyst: Owen Freshwater
The JP Morgan Global Growth & Income investment trust has been added to The Best™ Funds List.
The trust seeks to achieve both income and capital growth by investing in companies based around the world.
Managers Helge Skibeli, Tim Woodhouse and James Cook focus on high-quality large-cap equities that can deliver sustainable returns driven by long-term structural change. They believe that companies that run their business in a sustainable way will deliver superior returns for shareholders over time.
The management team use a bottom-up investment approach to build a high conviction portfolio of typically 50 to 90 stocks.
This includes technology giants Microsoft and Amazon and iconic soft-drinks group Coca-Cola.
We believe that the management team’s best ideas investment approach allows them to be nimble and agile enough to navigate different market environments. The trust is also more liquid and cheaper to access than in the past and boasts a sustainable long-term dividend policy.
This trust offers a truly differentiated strategy for income-focused investors.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Liontrust Sustainable Future Europe Growth fund
- Fund manager: Peter Michaelis and Martyn Jones
- Date: 30/06/2023
- Analyst: Adil Bhati
The Liontrust Sustainable Future Europe Growth fund has been removed from The Best™ Funds List.
The fund aims to deliver capital growth over five years or more by investing in sustainable European companies which can accelerate environmental and social improvements.
The management team of Martyn Jones and Peter Michaelis use Liontrust’s Sustainable Future investment process to find “survive and thrive” stocks. These have strong growth prospects, meet Liontrust’s environmental and social criteria and are more resilient than the market gives them credit for.
We are downgrading the fund because we believe there are better core European options elsewhere.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
New entry - The Schroder Asian Income fund
- Fund manager: Richard Sennitt
- Date: 30/06/2023
- Analyst: Claudia Cross
The Schroder Asian Income fund has been added to The Best™ Funds List.
The fund aims to provide income and capital growth in excess of the MSCI AC Pacific ex Japan index over a three-to-five-year period. The fund, which is the open-ended version of the Schroder Oriental Income investment trust, aims to achieve this by investing at least 80% of its assets in equities of Asia Pacific companies, excluding Japan but including Australia and New Zealand.
Fund manager Richard Sennitt takes a bottom-up, stock-picking investment approach, looking for high-yielding companies which generate strong cashflows, pay growing dividends and have robust growth characteristics.
Overall, this is one of our favoured names for income exposure to the Asia Pacific region and could be a good option for income-seeking investors.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Morgan Stanley US Advantage
- Fund manager: Dennis Lynch
- Date: 26/06/2023
- Analyst: Farhan Mannan
The Morgan Stanley US Advantage fund has been removed from The Best™ Funds List.
The fund seeks to outperform the S&P 500 Index over rolling three-to-five-year periods. Fund manager Dennis Lynch invests in large-cap US companies which have strong name recognition, sustainable competitive advantages, strong balance sheets and redeploy capital at high rates of return.
We are downgrading the fund because we believe there are better options elsewhere in the US growth sector.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Monks Investment Trust
- Fund manager: Spencer Adair
- Date: 26/06/2023
- Analyst: Genevra Banszky von Ambroz
The Monks Investment Trust has been added to The Best™ Funds List.
The aim of the trust is to deliver long-term capital growth, which takes priority over income and dividends. The Baillie Gifford management team, comprising lead manager Spencer Adair and deputy manager Malcolm McColl, invest in a diversified range of global growth stocks. They are particularly drawn to businesses addressing a particular ‘crisis’ in a novel manner which can help to reduce costs and/or produce a radically improved quality of service. The team takes a bottom-up investment approach, looking for key company fundamentals such as strong management and sustainable competitive advantages. The trust’s portfolio includes tech giant Microsoft and iconic drinks group Pernod Ricard.
The trust is well-established, having been launched just before the Wall Street Crash in 1929. It has been managed by Baillie Gifford since 1931 and by its Global Alpha team since 2015.
We believe that this big and liquid trust represents an attractive, low cost, global growth option for investors, particularly those with a longer-term time horizon.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Invesco Corporate Bond Fund
- Fund manager: Michael Matthews & Tom Hemmant
- Date: 22/06/2023
- Analyst: Jill Devlin
The Invesco Corporate Bond fund has been removed from The Best™ Funds List.
The fund aims to deliver income and capital growth over the medium to long term by investing at least 80% of its assets in investment-grade corporate bonds. The bulk of the portfolio is invested in sterling-denominated bonds, mostly from UK issuers. Non-sterling exposure is typically hedged back to sterling.
The fund performed strongly compared to peers in 2022 and we have no concerns over the strategy. However, we have decided to downgrade the fund because we believe there are more attractive options elsewhere.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Goldman Sachs Sterling Liquid Reserve
- Fund manager: Goldman Sachs
- Date: 16/06/2023
- Analyst: Tom Danaher
The Goldman Sachs Sterling Liquid Reserves fund has been added to The Best™ Funds List.
This fund’s investment objectives are to maximise current income, preserve capital and maintain liquidity. This is achieved by investing in a diversified portfolio of sterling denominated Government securities.
Its main holdings include certificate of deposits, time deposits, repurchase agreements and asset-backed commercial paper.
The fund has a strong track-record and is managed by a highly experienced team. We believe this could be a good option for income investors.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Redwheel Global Emerging Market
- Fund manager: John Malloy
- Date: 16/06/2023
- Analyst: Erica Laing
The Redwheel Global Emerging Markets Fund has been added to The Best™ Funds List.
The fund aims to achieve long-term capital growth by investing over 70% in global emerging markets and up to 20% in frontier markets.
Manager John Malloy seeks to identify growing companies with strong sustainable cash flows at attractive valuations. He uses this bottom-up investment approach in combination with top-down economic analysis and thematic research focussed on areas such as technological disruption and demographics.
We like the fund’s active engagement with its holdings, especially on ESG issues, and believe that its exposure to both Emerging and Frontier markets gives it a more diversified portfolio than many of its peers.
Malloy has performed well over the long-term and we believe that this fund could be a good option for those seeking global emerging markets exposure.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Brook Global Emerging Markets fund
- Fund manager: Sophia Whitbread and Mathieu Rachmaninoff
- Date: 12/06/2023
- Analyst: Oliver Murray
The Brook Global Emerging Markets fund has been removed from The Best™ Funds List.
The fund aims to achieve long-term capital growth and outperform the MSCI Emerging Markets Total Return Index.
Portfolio managers Sophia Whitbread and Mathieu Rachmaninoff invest in companies listed, traded, located in or deriving the majority of their revenue or profit from emerging market countries.
Their investment process combines thematic investment, such as a focus on solar energy, with bottom-up stock picking focusing on factors such as a company’s strength of balance sheet.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Syncona
- Fund manager: Chris Hollowood
- Date: 09/06/2023
- Analyst: Chloe Hill
The Syncona trust has been removed from The Best™ Funds List.
The trust aims to deliver long-term capital growth by investing primarily in unlisted healthcare businesses which extend and enhance human life. The Syncona team, led by Chief Executive Officer Chris Hollowood, find, build and fund sustainable businesses carrying out ‘exceptional science’ mainly in gene and cell therapy. The bottom-up investment process involves identifying these businesses and taking them through to product approval.
While there is scope for significant growth in the sector as a whole, it tends to have a very lumpy returns profile. We are therefore downgrading the trust, regardless of the attractiveness of its management team or underlying investments.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - RobecoSAM Smart Materials Equities
- Fund manager: Pieter Busscher
- Date: 19/05/2023
- Analyst: Sebastian Garry
The RobecoSAM Smart Materials Equities fund has been removed from The Best™ Funds List.
The fund aims to achieve long-term capital growth by investing in smart materials. Manager Pieter Busscher targets companies from around the world providing innovative materials and process technologies which are more efficient than those currently being used.Another core theme is smart manufacturing. These ‘structural winners’ include stocks focussed on areas such as electric mobility and robotics.
Busscher takes a bottom-up approach when selecting stocks for the portfolio, looking at strengths such as market position, growth potential and sustainability.
We continue to like the fund for its unique approach, but we believe there are better alternatives elsewhere.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Utilico Emerging Markets Trust
- Fund manager: Charles Jillings
- Date: 20/04/2023
- Analyst: James Burns
The Utilico Emerging Markets Trust has been removed from The Best™ Funds List.
The trust aims to provide long-term total return by investing mainly in listed equities in the infrastructure, utility, and related sectors, mainly in emerging markets.
Manager Charles Jillings targets companies with essential services or monopoly characteristics such as ports or electricity or those with a unique product or market position.
We believe that the trust remains an attractive vehicle to gain exposure to the emerging markets growth story. It also has a strong history of capital and income growth and pays an attractive dividend yield.
However, we are downgrading the trust as we prefer more core options in the space.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Scottish Mortgage Investment Trust
- Fund manager: Tom Slater
- Date: 17/04/2023
- Analyst: James Burns
The Scottish Mortgage Investment Trust has been removed from The Best™ Funds List.
The trust aims to achieve a greater return than the FTSE All-World index over rolling five-year periods by investing globally in both quoted and unquoted growth companies. It is led by manager Tom Slater who looks to identify exceptional, high-growth businesses with enduring competitive advantages.
We believe that the trust remains a big, liquid and attractively priced option for investors with a strong track-record and exposure to many exciting and well-established businesses. However, we are downgrading it because of slight concerns over the size of its unquoted allocation at this time.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Insight High Grade ABS Fund
- Fund manager: Jeremy Deacon
- Date: 12/04/2023
- Analyst: Sebastian Garry
The Insight High Grade ABS Fund has been removed from The Best™ Funds List.
The fund seeks to deliver an interest rate-based return by investing in a range of asset-backed securities (ABS) and corporate floating rate notes.
Lead portfolio manager Jeremey Deacon mainly invests in AAA or AA rated securities with a bias to prime-residential mortgage-backed securities.
We are downgrading the fund because we believe there are better alternatives elsewhere in the fixed income space.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Ninety One UK Alpha
- Fund manager: Simon Brazier
- Date: 14/03/2023
- Analyst: Matthew Simpson
The Ninety One UK Alpha fund has been removed from The Best™ Funds List.
The fund aims to achieve capital growth and provide income over the long term by investing mainly in UK companies. It looks for large-cap quality stocks with strengths such as a good history of capital allocation and long-term durability.
We are downgrading the fund following Simon Brazier’s decision to step down as fund manager.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Redwheel Global Horizon
- Fund manager: Louise Keeling
- Date: 14/03/2023
- Analyst: Lydia Garratt
The Redwheel Global Horizon fund has been removed from The Best™ Funds List.
The fund aims to generate superior long-term capital growth (ahead of the MSCI All Countries World Index on a rolling five-year basis) through investing in global equities.
Fund manager Louise Keeling looks for mainly large and mid-sized companies which have survived in economically battered sectors and can now benefit from factors such as reduced competition.
As such they are often over-looked by other investors and are trading at a deep discount to their intrinsic value.
We are downgrading the fund as we prefer other names in the global equity sector and because of Keeling’s decision to step down from her role this June.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Past performance is not a guide to future performance. Please also read the important information below.
Removed - CT (Columbia Threadneedle) UK Equity Income
- Fund manager: Jeremy Smith
- Date: 17/02/2023
- Analyst: Alex Balfour
Following on from Richard Colwell’s retirement from Columbia Threadneedle last November we can confirm that the CT UK Equity Income Fund has been removed from The Best™ Funds List. We had initially suspended the rating when Colwell’s retirement was first announced.
Colwell, who had run the fund since 2010, has been replaced by new lead manager Jeremy Smith. We are not expecting any short-term underperformance from the fund following the move, but have decided to downgrade it because we prefer other options in the UK Equity Income sector
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - JPMorgan Japanese Investment Trust
- Fund manager: Nicholas Weindling
- Date: 8/2/2023
- Analyst: Niall Gallagher
The JPMorgan Japanese Investment Trust has been added to The Best™ Funds List.
The trust aims to provide long-term capital growth by investing at least 70% of its assets in Japanese companies driving the long-term transformation of the Japanese economy.
Lead manager Nicholas Weindling looks to invest in innovative, fast growing firms with sustainable business models, which tend to be in high-growth industries such as robotics, ecommerce, fintech and computer gaming. Holdings include electronics giant Hitachi.
The trust has a distinctive ‘boots on the ground’ strategy with a 25-strong Japanese-based team. The trust is similar to the JPM Japan open-ended fund, also run by Weindling, but differs in that it can borrow to increase the amount invested, known as gearing.
We believe that the trust capitalises on Japan’s structural transformation and avoids ‘old Japan’ value traps by looking at long-term economic shifts.
We see this as a strong option for Japanese equity exposure.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Manager change - Ninety One UK Alpha Fund
- Fund manager: Anna Farmbrough
- Fund group: Ninety One UK Alpha Fund
- Date: 07/02/2023
Simon Brazier is retiring as manager of the Ninety One UK Alpha fund after eight years at the helm.
The fund’s co=manager Anna Farmbrough will take over as lead manager, with Ben Needham from Ninety One’s UK Income team stepping in as co-manager.
Brazier, who will manage the fund until the end of March and stay with the firm until the end of May, joined Ninety One in 2014 after being Head of UK Equities at Threadneedle.
Whilst there is always an element of risk when there is a change of Portfolio Manager, we don’t see this manager change as a reason to sell the fund at the moment. Farmbrough has worked with Brazier on the fund for years, having moved over from Threadneedle as an equity analyst over eight years ago. We have always been impressed with her in meetings.
The fund’s process and philosophy will also remain the same, investing in predominantly large-cap quality UK stocks with strengths such as a good history of capital allocation and long-term durability. The team looks for stocks which can navigate a world of geopolitical stress and economic uncertainty.
The fund however will be put under review, and we will arrange to have the UK Alpha team meet our analysts as soon as possible.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - TM Crux European Special Situations fund
- Fund manager: Richard Pease and James Milne
- Date: 18/01/2023
- Analyst: Max Trowbridge
The TM Crux European Special Situations fund has been removed from The Best™ Funds List.
The fund aims to achieve long-term capital growth by investing in the shares of European (ex-UK) companies. Managers Richard Pease and James Milne, of the London-based boutique Crux, look for large, medium, and small sized companies which they believe are undervalued by the market.
They use a bottom-up and GARP (Growth At a Reasonable Price) investment process to target companies with certain characteristics, including a high barrier to entry and managers who have invested their own cash into the business.
We are downgrading the fund because we believe there are better alternatives elsewhere.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Fidelity European trust
- Fund manager: Sam Morse
- Date: 16/1/2023
- Analyst: Oliver West
The Fidelity European Trust has been added to The Best™ Funds List.
The trust aims to achieve both long-term capital and income growth by investing mainly in listed continental European equities.
Manager Sam Morse looks for companies he believes can grow their dividend sustainably over the next three to five years. They typically tend to be larger firms with a market value of £10billion or more.
To identify them, Morse takes a bottom-up investment approach focussing on factors such as structural growth prospects, a strong balance sheet and an attractive valuation.
The portfolio typically has between 40 to 50 names, currently including Milkybar-maker Nestlé, beauty outfit L’Oréal and Zurich Insurance Group.
Around 95% of its holdings mirror that of the Fidelity European fund. The key difference is that the trust holds a handful of smaller names.
We believe it could be a core option for those seeking European equity exposure.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Fidelity European fund
- Fund manager: Sam Morse
- Date: 16/1/2023
- Analyst: Oliver West
The Fidelity European fund has been added to The Best™ Funds List.
The fund aims to achieve both long-term capital and income growth by investing mainly in listed continental European equities.
Manager Sam Morse looks for companies he believes can grow their dividend sustainably over the next three to five years. They typically tend to be larger firms with a market value of £10billion or more.
To identify them, Morse takes a bottom-up investment approach focussing on factors such as structural growth prospects, a strong balance sheet and an attractive valuation.
The portfolio typically has between 40 to 50 names currently including Milkybar-maker Nestlé, beauty outfit L’Oréal and Zurich Insurance Group.
We believe, given its defensive nature and quality holdings, that this fund could be a core option for those seeking European equity exposure.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Liontrust Sustainable Future Monthly Income Bond fund
- Fund manager: Aitken Ross, Stuart Steven, Kenny Watson, Jack Willis
- Date: 09/01/2023
- Analyst: Sebastian Garry
The Liontrust Sustainable Future Monthly Income Bond fund has been removed from The Best™ Funds List.
The fund aims to produce monthly income payments together with capital growth by mainly investing in investment grade corporate bonds. These need to meet Liontrust’s environmental and social criteria, including no allocation to tobacco or oil and gas extraction businesses.
The investment process is still attractive, offering a high distribution yield and a robust ESG framework. However, we are downgrading the fund because we believe there are better alternatives elsewhere.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Allianz Technology Trust
- Fund manager: Mike Seidenberg
- Date: 6/01/2023
- Analyst: Dominic Vincent
The Allianz Technology Trust has been added to The Best™ Funds List.
The trust aims to achieve long-term capital growth by investing in mid-to-large sized, quoted global technology companies.
The AllianzGI Global Technology management team, led by Mike Seidenberg, believes that the fast-moving world of technology is the single greatest contributor to global growth. From their base in San Francisco – close to the heart of the technology industry in Silicon Valley - they look to identify major technological trends ahead of the crowd and invest in stocks that have the potential to be tomorrow’s Apple, Google, or Microsoft.
They are especially keen on companies providing solutions to improve customer relationships, boost revenues and create shareholder value through new products or technology.
The team has a repeatable and robust bottom-up investment process looking at growth, quality, and valuation characteristics. We are also impressed that the team is always talking to people and trying to learn what consumers and enterprises are going to do in the technology space.
We believe that this trust is one of the best ways to access global technology stocks.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
2022
Removed - Fidelity Emerging Markets
- Fund manager: Nick Price
- Date: 17/11/2022
- Analyst: Rory Whitmore
The Fidelity Emerging Markets fund has been removed from The Best™ Funds List.
The fund aims to achieve capital growth over a period of five years or more by investing in a portfolio of large and mid-cap emerging markets equities. It focuses on countries and regions experiencing high levels of economic growth, including Africa and the Indian sub-continent.
Fund manager Nick Price takes a bottom-up investment approach, looking to invest in high quality companies with competitive advantages and able to deliver attractive earnings throughout the economic cycle.
We are downgrading the fund because we prefer other names in the Global Emerging Markets sector.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Ninety One Global Environment
- Fund manager: Deirdre Cooper and Graeme Baker
- Date: 17/11/2022
- Analyst: Philippa Douglas
The Ninety One Global Environment Fund has been added to The Best™ Funds List.
The fund aims to provide capital growth and income over at least five-year periods. It does so by investing in the shares of global companies contributing to positive environmental change through sustainable decarbonisation. These ‘true leaders’, through their products and services, are both avoiding carbon and helping to address climate change.
Portfolio Managers Deirdre Cooper and Graeme Baker believe these companies will enjoy a multi-year tailwind from global efforts to reduce carbon emissions.
The fund has a clear investment philosophy in seeking out the ‘solution providers’ tackling some of the world’s leading environmental issues. It also has a comprehensive and rigorous approach to impact reporting and measuring engagement progress.
Although a relatively new fund, having been launched in 2019, it is already one of the best performing strategies in the Environment sector.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - JPM Global Macro Opportunities fund
- Fund manager: Shrenick Shah
- Date: 11/11/2022
- Analyst: Adil Bhati
The JPM Global Macro Opportunities fund has been removed from The Best™ Funds List.
The fund aims to provide investment returns over rolling three-year periods by investing in a range of assets likely to benefit from changes in the global economy.
Its management team, headed up by Shrenick Shah, identifies global investment themes and opportunities which will drive asset returns.
The team forms a portfolio consisting of long and short positions in equities, fixed income, currencies, and gold. They actively change positioning to match their macroeconomic outlook.
We have decided to downgrade the fund because we believe there are better alternatives elsewhere in the macro funds market.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - FP WHEB Sustainability fund
- Fund manager: Ted Franks
- Date: 11/11/2022
- Analyst: Laura Longley
The FP WHEB Sustainability fund has been removed from The Best™ Funds List.
The objective of the fund is delivering long-term capital growth via a portfolio of companies worldwide that are helping to drive the transition to a zero carbon, healthy and sustainable global economy.
Fund manager Ted Franks and his team select high-quality companies from nine key themes with strong growth characteristics to create a globally diversified portfolio. The themes include Sustainable Transport, Wellbeing, Health and Water Management.
We are downgrading the fund because we feel that there are better placed alternatives with stronger track records and more robust ESG processes in place.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Ruffer Investment Company
- Fund manager: Duncan MacInnes and Jasmine Yeo
- Date: 17/10/2022
- Analyst: Tom White
The Ruffer Investment Company has been removed from The Best™ Funds List*.
The fund aims not to lose money on a rolling 12-month basis, while also delivering meaningful positive returns – twice that of cash – through investment in multiple asset classes.
The investment strategy and asset allocation are set by Chief Investment Officer Henry Maxey and Chairman Jonathan Ruffer, who split the portfolio between “fear” assets designed to preserve capital, and “greed” assets designed to provide growth.
The portfolio is run day to day by managers Duncan MacInnes and Jasmine Yeo, who take a mainly long-only approach, investing primarily in global equities, index-linked bonds, gold, and cash.
The investment company has delivered some of the best returns in its sector. We do, however, prefer other names in its peer group.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - TM Tellworth UK Smaller Companies fund
- Fund manager: Paul Marriage and John Warren
- Date: 29/09/2022
- Analyst: John Dolan
The TM Tellworth UK Smaller Companies fund has been removed from The Best™ Funds List.
The fund aims to provide long-term capital growth by investing in the shares of small-sized UK companies with a typical market value of between £100m and £500m. It is run by London-based boutique Tellworth, where managers Paul Marriage and John Warren take a bottom-up research approach to finding mainly growth but also value stocks.
The fund has had solid returns over the past few years, and we have no concerns regarding the management, investment process or strategy.
We do, however, prefer other names in the sector.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Suspended - CT (Columbia Threadneedle) UK Equity Income
- Fund manager: Richard Colwell
- Date: 28/09/2022
- Analyst: Alex Balfour
Richard Colwell, who has run the CT UK Equity Income fund since 2010, is retiring at the end of November 2022.
As a result of this change, we have placed the fund under review and downgraded it from The Best™ Funds List with immediate effect.
Our analysts will be meeting with Richard Colwell and new lead manager Jeremy Smith on 17 October to discuss the change in further detail.
Smith is currently Head of UK Equity Research and Portfolio Manager at Columbia Threadneedle. Jonathan Barber will remain as deputy manager on the UK Equity Income fund.
We will review our longer-term rating on the fund after this meeting.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - The Murray Income Trust
- Fund manager: Charles Luke
- Date: 21/09/2022
- Analyst: Lauren Craig
The Murray Income Trust has been added to The Best™ Funds List.
This abrdn-managed investment trust, which was founded in 1923, aims to achieve a high and growing income combined with capital growth. It does so by investing in mainly UK equities but also some overseas stocks to boost diversification.
Manager Charles Luke uses a bottom-up investment approach to identify high-quality large-cap companies with attractive valuations and robust earnings potential. He also considers mid-cap companies with strong growth potential.
Luke takes a ‘patient, buy and hold’ investment approach which means he invests in stocks for the long-term. The portfolio typically has between 30 and 70 holdings, currently including the likes of Covid vaccine maker AstraZeneca, consumer goods giant Unilever and miner Anglo American.
We like the fund’s relatively conservative investment strategy of buying quality companies at a reasonable valuation, its sensible diversification and strong income characteristics.
We believe that this is a core UK Income strategy for investors.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Guinness Sustainable Energy Fund
- Fund manager: Will Riley and Jonathan Waghorn
- Date: 22/08/2022
- Analyst: Sophie Weavers
The Guinness Sustainable Energy Fund has been added to The Best™ Funds List.
The fund aims to provide capital growth by investing in companies involved in the generation, storage, efficiency, and consumption of sustainable energy sources such as solar, wind and hydro.
Managers Will Riley and Jonathan Waghorn believe that over the next twenty years the sustainable energy sector will benefit from the combined effects of growing demand, improving economics and public & private support.
When selecting stocks likely to benefit from this growth they combine a top-down investment process, looking at the fundamental drivers of sustainable energy markets, with a bottom-up evaluation of company strengths including earnings sentiment.
The portfolio comprises around 30 equally weighted positions, with holdings including wind energy operator Vestas.
We believe that the fund is very well managed and provides good exposure to the growth in more sustainable forms of energy, without completely ignoring some of the resources we rely on today.
This is a good option for investors looking for exposure to the sustainable energy transition.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Guinness Global Equity Income
- Fund manager: Dr Ian Mortimer and Matthew Page
- Date: 24/06/2022
- Analyst: Sam Carleton
The Guinness Global Equity Income Fund has been added to The Best™ Funds List.
The fund aims to provide income and capital growth by investing in quality global equities that can pay sustainable, growing dividends.
The main indicator Portfolio Managers Dr Ian Mortimer and Matthew Page use to gauge a company’s ability to pay these dividends is return on capital. They also seek out other strong fundamentals such as cash flow and capital discipline.
They look to hold stocks for the long term - between three and five years - with main holdings including defence group BAE Systems.
This is a robust, quality-biased fund which has been driven by the experience and knowledge of Mortimer and Page since launch in 2010.
This could be a good option for investors looking for exposure to the Global Equity Income space.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New name - BMO Responsible Global Equity
The BMO name is to be removed and replaced by Columbia Threadneedle Investments on July 4.
The move follows last November’s £615million acquisition of BMO GAM (EMEA) by Columbia Threadneedle’s parent company Ameriprise Financial.
From July 4 BMO’s funds will be rebranded with the prefix CT. It means that The Best™ Funds List* rated fund BMO Responsible Global Equity, will now be known as CT Responsible Global Equity.
The Threadneedle funds, also owned by Columbia Threadneedle, are being rebranded on the same day. For instance, the Threadneedle UK Equity Income Fund – also on The Best™ Funds List - will change to CT UK Equity Income Fund.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Federated Hermes Asia ex-Japan Equity fund
- Fund manager: Jonathan Pines
- Date: 20/06/2022
- Analyst: Stefan McLees
The Federated Hermes Asia ex-Japan Equity Fund has been added to The Best™ Funds List.
The fund aims to achieve long-term capital growth by investing in companies in the Asia ex-Japan region.
Portfolio manager Jonathan Pines takes a contrarian approach, selecting stocks that are currently out of favour but he believes are likely to perform better in the future. He looks at company fundamentals such as consistent revenue growth and identifies those trading at attractive valuations relative to their quality.
He strives to hold stocks for the long-term – between 18 and 24 months – putting up with price volatility during that time.
The fund benefits from Pines’ knowledge and experience having managed the strategy since it started in 2010. We also like his investment process and philosophy and believe it provides genuine diversification to many of the growth-biased funds in the sector.
This could be a good option for investors looking for exposure to Asia and emerging markets.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Premier Miton US Opportunities Fund
- Fund manager: Nick Ford and Hugh Grieves
- Date: 20/06/2022
- Analyst: Charlie Purton
The Premier Miton US Opportunities Fund has been added to The Best™ Funds List.
The Fund aims to provide long-term capital growth by investing in multi-cap North American companies.
Managers Nick Ford and Hugh Grieves look to invest a minimum of 70% of the fund’s assets into North American firms, mainly US, across all industry sectors. Their investment universe comprises all companies in the Russell 3000 index which accounts for 98% of the US stock market.
They take a bottom-up investment approach, carefully analysing all of a company’s fundamentals looking for such factors as a consistent and predictable cashflow and high barriers to entry. Its holdings include hotels group Marriott International.
The fund benefits from being led by highly experienced North American equity investors Nick Ford and Hugh Grieves. They have run the portfolio together for almost a decade.
We believe this flexible fund is attractive given its multi-cap approach and diversity of sectors and industries. We believe this could be a good option for investors looking for exposure to North American equities.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Jupiter UK Special Situations
- Fund manager: Ben Whitmore
- Date: 09/06/2022
- Analyst: Helena Pomfret
Jupiter UK Special Situations has been removed from The Best™ Funds List.
The fund aims to provide a return higher than the FTSE All-Share Index over a period of at least five years. It seeks capital growth by exploiting special situations mainly within the UK.
Manager Ben Whitmore does this by focusing on companies he considers have undervalued share prices.
We have decided to downgrade the fund because we believe there are better alternatives elsewhere in the UK growth sector.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - BMO European Real Estate Securities
- Fund manager: Marcus Phayre-Mudge and Alban Lhonneur
- Date: 07/06/2022
- Analyst: Henry Elston
The BMO European Real Estate Securities Fund has been removed from The Best™ Funds List.
The fund aims to deliver a total return by investing mainly in equities of European listed property companies and businesses related to the real estate sector or with significant exposure to European real estate.
Managed by Marcus Phayre-Mudge and Alban Lhonneur the fund mirrors the TR Property Investment Trust although it does not hold direct property due to its structure.
We like the process behind the fund; however, it is too small to remain on our Best™ Funds List*.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Graham Macro UCITS
- Fund manager: Kenneth Tropin and Pablo Calderini.
- Date: 23/05/2022
- Analyst: Sam Carleton
The Graham Macro UCITS fund has been added to The Best™ Funds List.
The fund aims to achieve long-term capital growth by gaining exposure to four asset classes. These are commodities, currencies, fixed income and equities and equity indices.
Fund managers Kenneth Tropin, who founded Graham Capital Management (GCM) in 1994, and Pablo Calderini do this through a macro strategy, which aims to profit from patterns in economic data such as supply and demand.
We believe it has a strong discretionary Trading set-up, a diverse set of strategies and a highly experienced team.
It is an exceptionally well-established and resourced outfit and could be a good go-to option for investors.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Fidelity Index Japan
- Fund manager: Fidelity Investment Services
- Date: 03/05/2022
- Analyst: Oliver Spence
Fidelity Index Japan has been removed from The Best™ Funds List.
This fund replicates most of the stocks in the MSCI Japan Index and has an extremely attractive fee rate. However, its ability to track the performance of the Index has been inconsistent in recent times.
We believe that there are better opportunities elsewhere.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - 3i Infrastructure PLC
- Fund manager: Phil White
- Date: 26/04/2022
- Analyst: Thomas Elliot
3i Infrastructure PLC has been added to The Best™ Funds List.
The investment trust aims to provide shareholders with a total return of 8% to 10% per year over the medium term, with a progressive annual dividend per share.
The management team, headed up by Phil White, seeks to deliver this by maintaining a balanced portfolio of infrastructure investments delivering a mix of income yield and capital growth.
They look for asset-intensive infrastructure businesses - mainly in the UK and Europe - that provide essential services and which they can hold for the long term. Indeed, they seek to buy majority stakes in operating companies, with the intention of taking a Board seat.
Its portfolio includes Dutch group Attero, which operates plants converting waste materials like drink cartons into energy.
The fund benefits from White’s long experience and knowledge of infrastructure investing. His team’s track record of engaged asset management is sector leading. They have produced a consistently impressive record of deploying capital and executing business plans.
Overall, we believe this could be a good way for investors to get exposure to infrastructure assets and capital growth.
The Best™ Funds List is a trademark of Bestinvest.
There can be no assurance that the fund will achieve its target return. Any target return shown is neither guaranteed nor binding on the Manager.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Jupiter Japan Income
- Fund manager: Dan Carter and Mitesh Patel
- Date: 15/03/2022
- Analyst: Will Matthewman
The Jupiter Japan Income Fund has been added to The Best™ Funds List.
Managers Dan Carter and Mitesh Patel aim to achieve long-term capital and income growth by investing mainly in Japanese companies. The fund seeks to provide a return higher than that of the TOPIX Index, which tracks domestic companies on the Tokyo Stock Exchange, over the long term.
The management duo take a bottom-up approach to investing in high yielding, growing businesses with powerful competitive advantages. They want companies with the ability and willingness to grow dividends.
The fund benefits from the reliability, knowledge, and experience of Carter, who has overseen the fund since 2013, and Patel who has been at Jupiter for the last six years.
The investment process is also very robust, focusing on finding quality companies with growth and yield potential. Japan is roughly 20 years behind the West in terms of the digitisation of its economy which creates opportunities to find growing small and mid-sized companies.
The team use Tokyo-based NIB Research to act as their feet on the ground, arranging meetings and increasing its bandwidth across the country.
We believe this could be a great option for income-focused investors looking for exposure to Japanese equities.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Jupiter UK Specialist
- Fund manager: Tim Service
- Date: 15/03/2022
- Analyst: Augustus Edwards
The Jupiter UK Specialist Equity Fund has been removed from The Best™ Funds List.
Manager Tim Service aims to achieve capital growth by taking long and short positions in mainly UK equities outside of the FTSE 100 index, whilst seeking to deliver absolute returns in all market conditions.
We have decided to downgrade the fund because we believe there are better alternatives elsewhere in the sector.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Finsbury Growth & Income Trust
- Fund manager: Nick Train
- Date: 15/03/2022
- Analyst: George Haggas
The Finsbury Growth & Income Trust has been added to The Best™ Funds List.
It aims to achieve capital and income growth by investing in UK companies as well as providing a total return ahead of the FTSE All-Share Index.
Highly experienced manager Nick Train mainly invests in large-cap UK listed equities but a maximum of 20% of the portfolio can be in companies listed overseas. He takes a bottom-up investing approach, looking for quality stocks which can grow over the long-term regardless of the economic cycle.
The holdings should also have a high return on equity, low capital intensity and a high cash flow generation that can support sustained dividend growth. The current portfolio includes publishing group RELX, fashion firm Burberry and historic spirits maker Remy Cointreau.
Train has a strict buy and hold strategy which can best be summed up as – ‘Buying great companies and holding them forever’.
The fund benefits from Train’s very clear, consistent, and distinct investment philosophy as well as his focus on buying some of the best brands available in the UK and overseas markets.
Overall, we believe this could be a good way for investors to get exposure to a high-quality portfolio of businesses managed by a high-quality manager.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Suspended - Henderson UK Property Fund
- Fund manager: Ainslie McLennan and Marcus Langlands Pearse
- Date: 10/03/2022
- Analyst: Henry Elston
Dealing in the Janus Henderson UK Property Fund, which seeks to offer regular income and diversification from a high-quality portfolio of UK commercial property, has been suspended. This means that investors can no longer buy or sell units in the fund.
Janus Henderson made the move after uncertainty in the UK over the future of open-ended funds invested in physical property had led to “persistent net redemptions”.
It warned that if this trend continued or increased then it would lead to the disposal of the most in demand and liquid properties within the portfolio. This would result in weaker performance, reduced levels of rental income and an increase in fund-price volatility for investors.
Janus Henderson believes the best solution is therefore to suspend the fund, helping speed up the sale of all its property assets to a single buyer. It hopes to complete the sale towards the end of March or early April this year.
Once the sale has been completed proceeds will be returned to investors – this is likely to happen at the end of April.
We removed the Janus Henderson UK Property Fund from The Best™ Funds List in 2019. Following a review, we decided open-ended physical property funds were no longer appropriate for client portfolios.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Fidelity Strategic Bond Fund
- Fund manager: Claudio Ferrarese and Timothy Foster
- Date: 08/03/2022
- Analyst: Chloe Hill
The Fidelity Strategic Bond Fund has been removed from The Best™ Funds List.
It aims to deliver an income with the possibility of capital growth by investing in global bonds. Managers Claudio Ferrarese and Tim Foster invest across the fixed income universe including UK Gilts, inflation linked bonds, investment grade corporate bonds, government bonds, emerging market debt and high yield bonds.
We have decided to downgrade the fund given a lack of conviction in the process. We prefer other funds under our coverage.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - EdenTree Responsible and Sustainable European Equity Fund
- Fund manager: Chris Hiorns and David Osfield
- Date: 01/03/2022
- Analyst: Jordan Crane
The EdenTree Responsible and Sustainable European Equity Fund has been removed from The Best™ Funds List.
Fund managers Chris Hiorns and David Osfield seek to achieve long-term capital growth with a reasonable level of income by investing in a diversified range of mainly large-cap European (ex-UK) companies.
Through its Socially Responsible Investment Team the fund targets companies making a positive contribution to society and/or the environment through sustainable and socially responsible practices. In addition, the managers want their holdings to be undervalued, of good quality and paying a regular and high dividend.
We have decided to downgrade the fund following a review of our ESG-focused European equity options. From an ESG standpoint, the fund has strong credentials, but we are apprehensive about the management team’s lack of involvement in this part of the process.
We will be looking for other options in this space.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Temple Bar Investment Trust
- Fund manager: Nick Purves and Ian Lance
- Date: 01/03/2022
- Analyst: James Burns and Jodie Gordon
The Temple Bar Investment Trust has been added to The Best™ Funds List.
Managers Nick Purves and Ian Lance seek to deliver both income and capital growth by investing in mainly UK equities from the FTSE 350. They aim to achieve a long-term total return greater than the benchmark FTSE All-Share Index.
The management duo believes that investing in good quality, yet undervalued companies with strong cash flows and robust balance sheets offers the best potential for attractive long-term returns. Their top ten holdings include oil giant BP and iconic retailer Marks and Spencer.
Purves and Lance, who have been working together for 15 years, have a very strong long term track record in value investing. They also manage sister fund Redwheel UK Equity Income.
The team have a sound philosophy based around intrinsic rather than deep value or recovery investing and focussed on soundly financed sustainable businesses. In addition, they believe strong engagement with portfolio companies is key to keeping them on the right track.
We believe this could be a good option for investors looking for exposure to value investing.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Montanaro UK Income Fund
- Fund manager: Lead manager Guido Dacie-Lombardo and Co-manager Charles Montanaro
- Date: 15/02/2022
- Analyst: Alex Waddington
The Montanaro UK Income Fund has been added to The Best™ Funds List.
This is because of their historic long-term outperformance and higher dividend growth compared with large-cap peers 1.
The fund aims to deliver both income and capital growth by investing in small and medium sized companies that can produce an attractive and growing dividend no matter the economic cycle.
Lead manager Guido Dacie-Lombardo and co-manager Charles Montanaro mainly target high quality UK stocks with strong balance sheets, but can also invest up to 20% in companies in the European Union, Iceland, Norway, and Switzerland.
The portfolio consists of 50 names, including landscaping group Marshalls, and has a median market capitalisation of £1.68billion. It is well diversified in both geography and sector with its biggest biases being to Financials, Industrials and Technology.
The management duo believe that every portfolio should have some exposure to small and mid-cap companies.
We believe this fund could be a core option for investors seeking exposure to small and mid-cap income paying equities.
Source:
1. Montanaro UK Income Fund – Presentation to clients Q3 2021
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Mercantile Investment Trust
- Fund manager: Guy Anderson and Anthony Lynch
- Date: 15/02/2022
- Analyst: James Burns/Helena Pomfret
The Mercantile Investment Trust has been added to The Best™ Funds List.
The fund, managed by JP Morgan Asset Management, aims to achieve capital growth through investing in a diversified portfolio of UK mid and small-cap companies outside the FTSE 100. It also targets long-term dividend growth at least in line with inflation.
It is one of the largest UK equity investment trusts with a £2billion plus market cap and has a remarkably long history being launched in 1884. That’s the same year that construction of the Statue of Liberty was completed in France, and it was presented to the US.
Managers Guy Anderson and Anthony Lynch, who have led the fund for only the last ten of those years, focus on quality companies with strong cash flows, attractive valuations, and an improving outlook. They view these companies as having the potential to be ‘tomorrow’s UK market leaders’.
The portfolio generally holds between 80 and 90 stocks with the majority valued between £1billion and £10billion. Its holdings include Watches of Switzerland and ‘Horse & Hound’ publisher Future.
We have been following the trust for some time and it has a strong record of dividend growth ahead of inflation with distributions made on a quarterly basis. It also has a strong track record of outperforming the FTSE 250 and its most direct mid-cap peers over the last five years.1
All in all, we believe this could be an attractive fund for investors seeking well managed and low-cost exposure to UK mid and small cap companies.
Source:
1. The Mercantile Investment Trust plc Factsheet – 31 December 2021
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Manager change - River & Mercantile UK Smaller Companies Fund
- Fund manager: George Ensor
- Fund group: River & Mercantile UK Smaller Companies Fund
- Date: 14/02/2022
Dan Hanbury has resigned as both Partner of River & Mercantile (R&M) and Portfolio Manager of River & Mercantile’s UK Smaller Companies Fund following the group’s near £100million acquisition by AssetCo.
Hanbury, who helped set up R&M in 2006, will be replaced on the fund by George Ensor, the Portfolio Manager of the R&M UK Micro Cap Investment Company.
Ensor joined R&M as an equity analyst in 2014 after spending five years as an analyst and Private Client Investment Manager at Smith & Williamson.
Whilst there is always an element of risk when there is a change of Portfolio Manager, we note that the R&M UK Smaller Companies Fund is more process driven than its peers.
Its “MoneyPenny” model determining the “PVT” – Potential, Value and Timing – of an investment differs from the pure stock-picking approach carried out elsewhere.
In addition, Ensor has overseen solid performance numbers at the R&M UK Micro Cap Investment Company and so a shift to the UK Smaller Companies Fund will not be a sea change for him.
As a result, we are retaining our position on the fund which was recently upgraded to the The Best™ Funds List.
Our analysts will be meeting with the fund manager on 1 March to discuss the change in further detail. We will issue a further update following its conclusion.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Premier Miton Corporate Bond Monthly Income Fund
- Fund manager: Lloyd Harris and Simon Prior
- Date: 08/02/2022
- Analyst: Rebecca Shepherd
The Premier Miton Corporate Bond Monthly Income Fund has been added to The Best™ Funds List.
The fund aims to provide a monthly income for investors through interest distributions. It also seeks to outperform the IA Sterling Corporate Bond sector.
Managers Lloyd Harris and Simon Prior invest a minimum of 80% of the fund’s assets into sterling denominated investment grade rated corporate bonds. They can also invest in non-investment grade bonds, convertible bonds that can convert into company shares and other investments similar to bonds. Its holdings include bonds issued by Bank of America, Virgin Money UK, and Volkswagen Financial Services.
Harris and Prior are among the best managers in the GBP Corporates sector and have helped the fund outperform the sector since they took over in 2020. Over the last three years it has underperformed the sector 1.
The fund is differentiated from its peers by its defensive nature and as such really comes into its own protecting investors’ capital during weak market conditions for credit.
Source:
1. Premier Miton Corporate Bond Monthly Income Fund Performance data, as at 31.1.22
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - Baillie Gifford Responsible Global Equity Income
The Baillie Gifford Responsible Global Equity Income Fund has been added to The Best™ Funds List.
The fund aims to grow both income and capital over rolling five-year periods and achieve a yield higher than that of the MSCI AC World Index.
Its managers James Dow and Toby Ross seek to do this by investing in those ‘rare’ global companies which can deliver both a dependable income stream and real growth in income and capital.
The team also want the companies to be managed and behave responsibly when it comes to the environment and society. Dow and Ross take a ‘thoughtful’ bottom-up approach, looking for companies which meet the 10 principles of the United Nations Global Compact encompassing human rights, labour, environment, and anti-corruption.
We believe its focus on long term income rather than short term yield make it a core holding for responsible portfolios. In addition, its strategy results in a high quality, well diversified global portfolio of companies with little or no exposure to controversial industries such as tobacco. It also walks the walk with the group actively engaging with investee companies to improve their practices.
We believe the fund, launched in 2018, is a strong pick for investors looking for yield and relatively ethical global exposure.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - River & Mercantile UK Equity Smaller Companies Fund
- Fund manager: Dan Hanbury
- Date: 20/01/2022
- Analyst: Nicholas Scarborough
The River & Mercantile UK Equity Smaller Companies Fund has been added to The Best™ Funds List.
The fund aims to grow investor’s capital through investing in the bottom 10% of companies by size listed on the UK stock market. It seeks to outperform the Numis Smaller Companies + AIM Index over a rolling 5-year period.
Its manager Daniel Hanbury believes this is an under-researched but historically attractive section of the market comprising innovators, disruptors, and fast-growing businesses.
Indeed, he says that over a 60-year period smaller companies have outperformed larger cap equities in terms of compound annual growth.
Hanbury, aided by a twelve-person strong equity team, uses R&M’s distinct PVT investment process when making his stock selection. This looks at the Potential of a company to create shareholder value, whether it has an attractive Valuation and if the Timing is right to buy.
In contrast to the growth strategies that dominate the UK Smaller Company sector, R&M’s versatile investment strategy and PVT process provides a diversified option with a combination of growth, value, and momentum stocks. A relatively small fund size of £670m alleviates liquidity concerns seen elsewhere whilst short & long-term performance compares favourably with both competitors and the index.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - ASI UK Ethical Equity Fund
The ASI UK Ethical Equity Fund has been removed from The Best™ Funds List.
Fund managers Lesley Duncan and Rebecca Maclean seek to generate long-term growth by investing in UK equities which meet their ethical criteria.
The fund uses negative and positive screening to avoid investing in companies that operate in sectors such as animal testing and finding those which help improve the environment or the quality of human life. Its Top Ten holdings include sausage roll maker Greggs and housebuilder Bellway.
We have decided to downgrade the fund because there are stronger UK ethical options elsewhere in the market.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
2021
Removed - Jupiter Income
Jupiter Income Trust has been removed from The Best™ Funds List.
The fund manager Ben Whitmore seeks to produce a high income that increases at least in line with inflation. He does this by focusing on primarily UK companies which he believes have been undervalued by the market.
The stocks, which include holdings such as corporate giants BP and Aviva, need to be able to demonstrate high return on operating assets, a strong balance sheet and profitability. They are expected to increase and grow dividends over time.
The fund’s performance has been strong through 2021 but its large cap value style bias has led to significant underperformance relative to its peers and benchmark over the last five years.
In addition, we are unconvinced by the fund’s buying process.
As such, we believe that there are higher conviction options available in the sector.
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - Lindsell Train Global Equity
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - The LXi REIT
New entry - Picton Property Income
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Removed - European Opportunities Trust
New entry - Templeton Emerging Markets Investment Trust
Removed - LF Morant Wright Nippon Yield
New entry - JP Morgan Japan
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - RWC UK Equity Income
The Best™ Funds List is a trademark of Bestinvest.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
New entry - BlackRock UK Income
Removed - Liontrust Special Situations
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Suspended - Artemis US Absolute Return
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
Suspended - Trojan Income
Francis Brooke, who has run the Trojan Income fund since its launch in 2004, recently announced that he is stepping back from his fund management responsibilities at the end of 2021. Blake Hutchins is taking over as lead manager on the fund. Hutchins joined Troy from Investec in October 2019 and has been co-manager on the fund for 18 months.
This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.
*The Best™ Funds List is a trademark of Bestinvest.
